58.1-3920.1 - Interest on funds received in prepayment of local taxes. - Virginia Statutes

§ 58.1-3920.1. Interest on funds received in prepayment of local taxes.

The governing body of any county, city or town may provide, by ordinance, fora program permitting the voluntary prepayment of designated local taxes atany time before such taxes have been assessed or, if assessed, before suchtaxes are due and payable. The program may provide for the payment ofinterest at a rate established by ordinance. The governing body may furtherprovide that, upon payment in full of any and all taxes due from suchtaxpayer, the accrued interest or any remaining portion thereof may be paidto the taxpayer or held in prepayment of tax obligations to be assessed at alater date, at the taxpayer's election.

(1989, c. 34.)